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Sale of own home

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    Sale of own home

    I know this question has been discussed thousand times. But let me ask once more.

    If a taxpayer has sold his primary residence, he is qualified for the sale of home capital gain exclusion and none of the gain is taxable, would you still report the transaction on a Schedule D?

    I think, please correct me if I am wrong, the IRS publication says do not report it. But I also remember some people pointed out the potential confusion/problem of not reporting it so they suggest to report it on a Schedule D with no capital gain anyway.

    Which is the way to go?

    #2
    You report it if the TP was issued Form 1099-S since the IRS computer will be looking for it. If no 1099-S issued, not necessary.

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